NBMAX vs. SPXX

Last updated Jun 6, 2026

NBMAX (Nuveen Massachusetts Municipal Bond Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - NBMAX is a Municipal Bonds fund managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Over the past 10 years, NBMAX returned 1.74%/yr vs 9.95%/yr for SPXX. At a correlation of -0.06, they often move in opposite directions. NBMAX charges 0.57%/yr vs 0.89%/yr for SPXX.

Performance

NBMAX vs. SPXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Massachusetts Municipal Bond Fund (NBMAX) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBMAX achieves a 1.76% return, which is significantly lower than SPXX's 2.17% return. Over the past 10 years, NBMAX has underperformed SPXX with an annualized return of 1.74%, while SPXX has yielded a comparatively higher 9.95% annualized return.

NBMAX

• 1D: 0.11%
• 1M: 0.63%
• YTD: 1.76%
• 6M: 2.18%
• 1Y: 6.75%
• 3Y*: 3.18%
• 5Y*: 0.04%
• 10Y*: 1.74%

SPXX

• 1D: -1.95%
• 1M: 1.46%
• YTD: 2.17%
• 6M: 4.20%
• 1Y: 12.99%
• 3Y*: 13.19%
• 5Y*: 7.42%
• 10Y*: 9.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NBMAX vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBMAX Nuveen Massachusetts Municipal Bond Fund	1.76%	2.55%	1.95%	5.62%	-11.47%	2.18%	4.95%	7.88%	0.06%	5.51%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	2.17%	9.78%	27.10%	0.85%	-6.92%	29.03%	-0.37%	25.36%	-13.42%	27.92%

Correlation

The correlation between NBMAX and SPXX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Nov 25, 2005	-0.06

The correlation between NBMAX and SPXX shifts across timeframes, from -0.06 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NBMAX vs. SPXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NBMAX

NBMAX Risk / Return Rank: 78
NBMAX Sharpe Ratio Rank: 83
NBMAX Sortino Ratio Rank: 91
NBMAX Omega Ratio Rank: 92
NBMAX Calmar Ratio Rank: 71
NBMAX Martin Ratio Rank: 52

SPXX

SPXX Risk / Return Rank: 15
SPXX Sharpe Ratio Rank: 16
SPXX Sortino Ratio Rank: 16
SPXX Omega Ratio Rank: 15
SPXX Calmar Ratio Rank: 13
SPXX Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBMAX vs. SPXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Municipal Bond Fund (NBMAX) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NBMAX	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.08	+1.57
Sortino ratio: Return per unit of downside risk	4.42	1.56	+2.86
Omega ratio: Gain probability vs. loss probability	1.68	1.19	+0.49
Calmar ratio: Return relative to maximum drawdown	3.15	1.10	+2.05
Martin ratio: Return relative to average drawdown	10.22	3.74	+6.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBMAX vs. SPXX - Sharpe Ratio Comparison

The current NBMAX Sharpe Ratio is 2.65, which is higher than the SPXX Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of NBMAX and SPXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NBMAX	SPXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	1.08	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.47	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.54	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.39	+0.66

Drawdowns

NBMAX vs. SPXX - Drawdown Comparison

The maximum NBMAX drawdown since its inception was -21.96%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for NBMAX and SPXX.

Drawdown Indicators

	NBMAX	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-21.96%	-52.39%	+30.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-11.86%	+9.70%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	-17.65%	+11.82%
Max Drawdown (5Y) Largest decline over 5 years	-15.62%	-18.09%	+2.47%
Max Drawdown (10Y) Largest decline over 10 years	-15.62%	-43.99%	+28.37%
Current Drawdown Current decline from peak	-0.89%	-2.11%	+1.22%
Average Drawdown Average peak-to-trough decline	-2.81%	-7.47%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	3.48%	-2.82%

Volatility

NBMAX vs. SPXX - Volatility Comparison

The current volatility for Nuveen Massachusetts Municipal Bond Fund (NBMAX) is 0.90%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 3.37%. This indicates that NBMAX experiences smaller price fluctuations and is considered to be less risky than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBMAX	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	3.37%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	9.12%	-7.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	12.11%	-9.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	15.83%	-11.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	18.42%	-14.22%

NBMAX vs. SPXX - Expense Ratio Comparison

NBMAX has a 0.57% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

NBMAX vs. SPXX - Dividend Comparison

NBMAX's dividend yield for the trailing twelve months is around 3.28%, less than SPXX's 7.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBMAX Nuveen Massachusetts Municipal Bond Fund	3.28%	3.56%	3.34%	2.92%	2.39%	1.96%	2.49%	3.09%	3.15%	3.04%	3.37%	3.64%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	7.47%	7.48%	6.87%	7.82%	7.30%	5.27%	6.56%	6.44%	7.98%	5.69%	5.14%	7.75%

Frequently Asked Questions

Can I hold both NBMAX and SPXX in my portfolio?

NBMAX and SPXX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBMAX or SPXX?

SPXX has higher volatility (3.37%) compared to NBMAX (0.90%). In terms of maximum drawdown, NBMAX dropped -21.96% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

NBMAX currently has the higher Sharpe Ratio (2.65 vs 1.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.